ETA Star Properties recently organized an Annual General Body Meeting for the residents of Palladium, located in Jumeirah Lake Towers. The unique forum provided the residents of Palladium a platform to interact with the senior management of ETA Star and share and discuss their issues. The meeting was attended by residents, home owners of Palladium and senior officials from ETA Star Properties.
The Palladium were the first property to be delivered in the waterfront community.
Speaking on the occasion, Mr Mohammed Ali, General Manager, ETA Star Properties, said, "As a developer our responsibility does not end by just constructing the building. We wish to have an ongoing relationship with our customers and residents at our properties. It is our endeavour to ensure that residents at our properties have a comfortable living."
He further added, "At our end, our endeavor is to maintain a transparent relationship with our customers and we are glad that we took the first step by conducting the Annual General Body Meeting for the residents of the Palladium."
The forum decided to constitute a committee comprising of residents of Palladium to look in to the facilities management affairs of the property. The meeting unanimously approved the annual budget for maintenance for the property.
The Palladium, located at the heart of the Jumeirah Lake Towers, is a distinctive lifestyle project designed to provide charm and sophistication. The property is an ultra modern high-rise apartment complex, 34-storey high and spans over half a million square feet of built-up area.
Dubai Property | Dubai Real Estate
Thursday, June 18, 2009
MARKET COMMENT: Dubai Shrs Drop; Rally Loses Steam
DUBAI (Zawya Dow Jones)--The Dubai Financial Market's benchmark gauge closed sharply lower Thursday amid increasing signs a rally that had picked up momentum in recent weeks is losing steam.
Buying late in the day helped the market pare intraday losses, but it still closed the session 3.1% lower at 2014.09 as investors matched prices with current economic realities facing the emirate.
"This correction was always on the cards after the market added about 39% since early May to close at a seven-month high on Sunday," a Dubai-based trader pointed out.
The global stocks rally is now cooling and though oil is holding steady around $70 a barrel views are mixed about its current strength, the trader noted.
The Dubai market has lost more than 8.4% in the last four sessions and is expected to trade lower next week after breaking through some key support levels and a bunch of bad corporate news taking the shine of bellwether stocks.
"The music failed to restart and a market trend that was resembling musical chairs has now turned into snakes and ladders with the bottom of the snake looking like 1900 on the DFM," said Matthew Wakeman of EFG Hermes.
Dubai's woes this week were aggravated by real estate giant Emaar Properties PJSC's (EMAAR.DFM) stock price crashing amid confusion over its deal with Kingdom Holding Co. (4280.SA) to develop projects in Saudi Arabia.
Emaar's shares closed Thursday -4.8% at AED3.60, losing about 14% since Sunday, and investors are unlikely to be in a hurry to buy back in amid continued uncertainty over the health of Dubai real estate market.
"I would not be surprised to see a rotation of cash towards the Saudi market in the coming few sessions where the broader range of stocks offer more defensive plays than our markets here which are heavily weighted towards construction and real estate," EFG's Wakeman added.
To be sure, Dubai wasn't the only market to suffer.
Most Gulf markets closed in the red Thursday as investors booked recent gains. Doha's benchmark gauge lost 2.6% to take its week's total losses to about 10%.
"Looks like the 'summer drift' has set in and investors are now perhaps looking to be more patient/selective with their risk appetite," noted Ali Khan, director at Arqaam Capital.
Tellingly, institutional investors were net sellers on the Dubai market this week, according to data provided by the bourse.
By Nikhil Lohade
Source: ZAWYA DOW JONES
Buying late in the day helped the market pare intraday losses, but it still closed the session 3.1% lower at 2014.09 as investors matched prices with current economic realities facing the emirate.
"This correction was always on the cards after the market added about 39% since early May to close at a seven-month high on Sunday," a Dubai-based trader pointed out.
The global stocks rally is now cooling and though oil is holding steady around $70 a barrel views are mixed about its current strength, the trader noted.
The Dubai market has lost more than 8.4% in the last four sessions and is expected to trade lower next week after breaking through some key support levels and a bunch of bad corporate news taking the shine of bellwether stocks.
"The music failed to restart and a market trend that was resembling musical chairs has now turned into snakes and ladders with the bottom of the snake looking like 1900 on the DFM," said Matthew Wakeman of EFG Hermes.
Dubai's woes this week were aggravated by real estate giant Emaar Properties PJSC's (EMAAR.DFM) stock price crashing amid confusion over its deal with Kingdom Holding Co. (4280.SA) to develop projects in Saudi Arabia.
Emaar's shares closed Thursday -4.8% at AED3.60, losing about 14% since Sunday, and investors are unlikely to be in a hurry to buy back in amid continued uncertainty over the health of Dubai real estate market.
"I would not be surprised to see a rotation of cash towards the Saudi market in the coming few sessions where the broader range of stocks offer more defensive plays than our markets here which are heavily weighted towards construction and real estate," EFG's Wakeman added.
To be sure, Dubai wasn't the only market to suffer.
Most Gulf markets closed in the red Thursday as investors booked recent gains. Doha's benchmark gauge lost 2.6% to take its week's total losses to about 10%.
"Looks like the 'summer drift' has set in and investors are now perhaps looking to be more patient/selective with their risk appetite," noted Ali Khan, director at Arqaam Capital.
Tellingly, institutional investors were net sellers on the Dubai market this week, according to data provided by the bourse.
By Nikhil Lohade
Source: ZAWYA DOW JONES
Wednesday, June 3, 2009
Dubai real estate on road to recovery
Despite industry issues, market expected to see first signs of growth within 6 – 12 months say experts at Cityscape Connect forum.
Although cash and confidence issues still prevail, Dubai’s property market will witness the first green shoots of recovery sometime between the end of 2009 and the second quarter of 2010, according to a panel of industry experts speaking here today (Tuesday 2 June) at the third ‘not for profit’ Cityscape Connect business breakfast,
Attended by more than 100 property executives, legal advisors and investors, the industry forums were initiated to stimulate networking, transparency and open debate on the key issues affecting the Dubai real estate industry which although experiencing a dramatic reversal of fortunes, is now showing signs that the market is stabilising and prices are beginning to bottom-out.
Elaine Jones, CEO of Dubai-based real estate agency Asteco echoed the sentiment of the panel: “It’s about cash & confidence. For example, we need to reduce interest rates, relax lending criteria and address the residency visa issue. This will at least start to bring back much needed confidence to the market and begin to stimulate growth.”
Indeed investor confidence was debated at length, examining numerous issues such as defaults, incomplete projects, late payments and fraud. “Trust is strained,” stated Sunil Gomes, of Guru Real Estate. “Credibility is king, if we lose that we have nothing. Projects must be completed and investors better protected.”
Steven Henderson, Partner in legal firm Clifford Chance, agreed that trust was paramount but added that the law had previously been struggling to keep up with the rapid growth of the market and that an over regulated market might have an adverse effect and stifle growth.
“Dubai has introduced Escrow accounts and the Strata law, but a federal law for real estate would also help to restore confidence. Banks also have a role to play here especially when developers experience credit or cash flow problems” he said.
Difficulties in the banking sector have been widely reported, however, the panel agreed that although credit was available for exceptionally low risk customers, besides rates and approval ratings, the sector needed consistency.
“Historically, the region has practiced ‘relationship lending’ but now with the credit crunch, banks are more cautious and have raised their minimum lending criteria especially for real estate projects. They can no longer just use the project as security they often also require ring-fenced assets independent to the project as security.”
However despite industry issues the panel was optimistically cautious about the timescale for recovery. Asked when Dubai could expect a market recovery, the general consensus was sometime between the end of 2009 and the second quarter of 2010.
“This clearly shows that industry sentiment has moved into positive territory and it is equally important that Cityscape through the Connect series of events continues to provide a platform for open debate. As the largest real estate event brand of its kind in the world, it is crucial in these times of economic uncertainty that Cityscape remains a trusted brand, giving back to the industry that it supports,“ said Rohan Marwaha, Managing Director of the Cityscape
Moderated by Bob Hird, Senior Director and Head of Investments at CB Richard Ellis, other industry experts on the panel included, David Macadam, Director of Commercial Division at Better Homes and Shahram Shamsaee, SVP Shopping Malls, Majid Al Futtaim Company.
Cityscape Connect is an initiative of Cityscape, the real estate service brand that has achieved international recognition and success. Cityscape events are held in Dubai, Singapore, Abu Dhabi, New York, Mumbai, Moscow, Saudi Arabia and Latin America. Cityscape events attract key industry figures such as international investors, property developers, governmental and development authorities, leading architects, designers, consultants and senior professionals involved in the property industry. Furthermore Cityscape has also established Cityscape Intelligence, an online subscription based service for real estate professionals, Cityscape Datamonitor, a real estate research consultancy, and the Cityscape magazine.
Source: Albawaba
Dubai Real Estate | Dubai Property
Although cash and confidence issues still prevail, Dubai’s property market will witness the first green shoots of recovery sometime between the end of 2009 and the second quarter of 2010, according to a panel of industry experts speaking here today (Tuesday 2 June) at the third ‘not for profit’ Cityscape Connect business breakfast,
Attended by more than 100 property executives, legal advisors and investors, the industry forums were initiated to stimulate networking, transparency and open debate on the key issues affecting the Dubai real estate industry which although experiencing a dramatic reversal of fortunes, is now showing signs that the market is stabilising and prices are beginning to bottom-out.
Elaine Jones, CEO of Dubai-based real estate agency Asteco echoed the sentiment of the panel: “It’s about cash & confidence. For example, we need to reduce interest rates, relax lending criteria and address the residency visa issue. This will at least start to bring back much needed confidence to the market and begin to stimulate growth.”
Indeed investor confidence was debated at length, examining numerous issues such as defaults, incomplete projects, late payments and fraud. “Trust is strained,” stated Sunil Gomes, of Guru Real Estate. “Credibility is king, if we lose that we have nothing. Projects must be completed and investors better protected.”
Steven Henderson, Partner in legal firm Clifford Chance, agreed that trust was paramount but added that the law had previously been struggling to keep up with the rapid growth of the market and that an over regulated market might have an adverse effect and stifle growth.
“Dubai has introduced Escrow accounts and the Strata law, but a federal law for real estate would also help to restore confidence. Banks also have a role to play here especially when developers experience credit or cash flow problems” he said.
Difficulties in the banking sector have been widely reported, however, the panel agreed that although credit was available for exceptionally low risk customers, besides rates and approval ratings, the sector needed consistency.
“Historically, the region has practiced ‘relationship lending’ but now with the credit crunch, banks are more cautious and have raised their minimum lending criteria especially for real estate projects. They can no longer just use the project as security they often also require ring-fenced assets independent to the project as security.”
However despite industry issues the panel was optimistically cautious about the timescale for recovery. Asked when Dubai could expect a market recovery, the general consensus was sometime between the end of 2009 and the second quarter of 2010.
“This clearly shows that industry sentiment has moved into positive territory and it is equally important that Cityscape through the Connect series of events continues to provide a platform for open debate. As the largest real estate event brand of its kind in the world, it is crucial in these times of economic uncertainty that Cityscape remains a trusted brand, giving back to the industry that it supports,“ said Rohan Marwaha, Managing Director of the Cityscape
Moderated by Bob Hird, Senior Director and Head of Investments at CB Richard Ellis, other industry experts on the panel included, David Macadam, Director of Commercial Division at Better Homes and Shahram Shamsaee, SVP Shopping Malls, Majid Al Futtaim Company.
Cityscape Connect is an initiative of Cityscape, the real estate service brand that has achieved international recognition and success. Cityscape events are held in Dubai, Singapore, Abu Dhabi, New York, Mumbai, Moscow, Saudi Arabia and Latin America. Cityscape events attract key industry figures such as international investors, property developers, governmental and development authorities, leading architects, designers, consultants and senior professionals involved in the property industry. Furthermore Cityscape has also established Cityscape Intelligence, an online subscription based service for real estate professionals, Cityscape Datamonitor, a real estate research consultancy, and the Cityscape magazine.
Source: Albawaba
Dubai Real Estate | Dubai Property
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